Openbank vs Pleo
Side-by-side comparison — pricing, features, ratings, use cases. Find which Neobanks fits you best.
🔍 Independently researched ·
📊 Data-driven
36/100
Free tier
Spanish residents who want a reliable, fee-free digital bank backed by a major banking group and who are comfortable ban
💰 Pricing
🆓 Free tier available
No monthly fees, no minimum balance; urgent card delivery or official documents may incur fees.
Fee notes:
- Monthly account maintenance: €0
- Card issuance and annual fee: €0
- SEPA transfers in EUR: €0
- ATM withdrawals in Spain and worldwide: €0
- International non-EUR transfers: approximately 0.15% commission with minimum €6 and maximum €60, plus exchange rate spread
⚠ Watch for:
- Card payments in non-EUR currencies use Visa's exchange rate, typically 0.5–1% above interbank
- International wire transfers may incur correspondent bank charges
- Rush delivery for card replacement costs extra (e.g., €15)
- No dormant account fees, but account closure may require a notary if official documents are needed
🔧 Features
✓ Free Tier✓ Mobile App✓ Santander Backed✓ Spanish Origin✓ Eu Deposit Protection
📋 Assessment
💪 Strengths
- Completely free current account: The Cuenta 1,2,3 has no monthly maintenance fees, no debit card fees, and no charges for basic transfers. You also get a free credit card (if you want) with no annual fee. This is a huge advantage over traditional banks that often charge €100+ per year for similar accounts.
- Santander backing and ATM network: Openbank is owned by Santander Group, providing financial stability and trust. More practically, you can withdraw cash from any Santander ATM in Spain for free. With over 4,700 branches and thousands of ATMs, this is unmatched by other digital banks like N26, which charge fees for ATM use outside their partner network.
- Deposit protection and security: Your deposits are insured up to €100,000 by the Spanish Deposit Guarantee Fund, giving you the same legal protection as any other EU-based bank. Openbank also uses two-factor authentication and biometric login to secure your account, and you can freeze your card instantly if lost.
- High-interest savings options: While the current account offers a modest interest rate (1.2% on the first €30,000), the linked savings account and term deposits often offer competitive rates, especially for longer terms. For example, their 12-month term deposit has offered rates around 2.5% in recent promotions, which is higher than many traditional banks in Spain.
- Integrated service: The app allows you to do everything: open accounts, manage cards, make SEPA transfers instantly, set up bill payments, and even buy investment products like mutual funds and ETFs. It's a one-stop shop for your daily financial needs, with a modern and responsive interface.
⚠ Watch out for
- Requires Spanish tax residency and NIE: You must be a tax resident in Spain and hold a NIE or DNI to open an account. This excludes tourists, non-residents, and even expats who haven't been registered for tax purposes. Many immigrants on temporary visas might struggle with this requirement.
- Spanish-only interface and support: The mobile app, website, and customer service are entirely in Spanish. The FAQ, help articles, and contact center agents speak Spanish only. This is a significant barrier for the large expat community in Spain, many of whom prefer English. Even basic notifications and security alerts are in non-translatable Spanish.
- No physical branches: All interactions are done digitally, and while that's the point of a neobank, it means no walk-in assistance. Sensitive issues like signing a mortgage or resolving complex disputes may be more difficult without a representative. Some customers might miss the ability to talk to someone in person.
- Debit card only available as virtual initially: When you open the account, you get a virtual card first. The physical card takes about a week to arrive, and if you want immediate access to cash, you might have to rely on contactless payments via your phone using Google Pay or Apple Pay. The virtual card can't be used for ATM withdrawals.
- Interest rates are not market-leading: While the 1.2% interest on the current account is decent, it's not the highest available in the Spanish market. Some other neobanks or online banks offer up to 2.5% or 3% on unconditional savings. Openbank's smart savings might not beat the rate on a straightforward high-yield savings account from a competitor.
🎯 Best for
Spanish residents who want a reliable, fee-free digital bank backed by a major banking group and who are comfortable banking primarily through a mobile app in Spanish.
🚫 Who should skip
Non-residents, those seeking English-language support, and people who prefer physical bank branches or more advanced budgeting features.
📚 Learning curve
Minimal — online onboarding is straightforward and the mobile app is intuitive, though non-Spanish speakers may face a language barrier.
🧑⚖️ Verdict
Openbank is an excellent choice for Spanish-speaking residents in Spain who want a free, reliable everyday banking app backed by a major bank. Its Santander ATM access and deposit insurance are standout benefits. However, if you're not a Spanish tax resident or don't speak Spanish, you're better off
65/100
Free tier
European SMEs and mid-market companies that want to automate expense reporting, control employee card spending, and simp
★ Best
💰 Pricing
🆓 Free tier available
Standard plan is free, but only for companies with fewer than 25 employees and includes limited features.
Starting at 5 € (hybrid)
Fee notes:
- FX markup: 0.5% above interbank rate on Standard, 0.2% on Premium, 0% on Metal for major currencies
- International ATM withdrawals: 3 free per month on Standard, then 2.5% fee (minimum €2.50)
- Domestic ATM withdrawals: free up to 3 per month on Standard, then 2.5% fee
- Card replacement fee: €6.50 for standard card, €19 for metal card
- International transfer fee: 0.2% (min €1) for SWIFT transfers
⚠ Watch for:
- ATM withdrawal fees after the monthly limit (2.5% + minimum €2.50)
- Receipt scrutiny: non-compliant expenses may incur a €15 processing fee
- European bank transfer for non-EEA currencies has a 0.2% fee
- Account closure fee of €29 if closed within first 12 months
🔧 Features
✓ Free Tier✓ Business Only✓ Virtual Cards✓ Receipt Capture✓ Accounting Integration
📋 Assessment
💪 Strengths
- Real-time spend visibility: Pleo sends instant notifications for every transaction, while its dashboard provides a live view of all company spending. This allows finance teams to catch unauthorized or unusual expenses immediately, preventing budget overruns and fraud. For finance managers, this real-time insight is invaluable, turning expense monitoring from a monthly pain into a daily, proactive control.
- Automatic receipt capture with OCR: The mobile app uses OCR to extract receipt data and automatically matches it to the corresponding transaction—often without any user intervention. This eliminates the paper trail and manual data entry, reducing the time spent on expense reporting by up to 90% for frequent spenders. The matching algorithm is remarkably accurate, and any exceptions are flagged for easy resolution.
- Seamless accounting integrations: Pleo integrates natively with Xero, QuickBooks, and Sage, automatically syncing transactions and receipts directly into your accounting system. This near-automatic reconciliation keeps books up-to-date without manual effort, and the integrations are reliable and configurable, with options for categorization and tax handling. For finance teams, this means month-end close is faster and more accurate.
- Customizable spending controls: You can set per-card limits, merchant restrictions, and approval workflows, giving you granular control over employee spending. Budgets can be set at team, project, or individual level, with real-time alerts when approaching limits. This is particularly useful for managing external contractors or temporary staff, ensuring they spend within pre-agreed boundaries.
- Smart company cards with virtual and physical options: Pleo issues both physical cards (contactless, with a distinctive design) and virtual cards that can be created instantly and used for online purchases. Virtual cards are disposable and can be locked to specific merchants, reducing fraud risk. Employees can manage their cards via the mobile app, and finance can see who spent what, where, and on what, in real time.
⚠ Watch out for
- Per-user pricing adds up: Pleo charges per active user per month, currently starting at $5 per user for the basic plan. While this seems affordable initially, it quickly becomes expensive as you add team members—especially if you need to issue cards to many external contractors or part-time staff, who may only make occasional purchases. For a company with 50 users, the monthly cost can exceed $250 before adding premium features.
- No free tier: Unlike some competitors (e.g., specific neobanks like Revolut Business or N26 Business), Pleo does not offer a free plan. This makes it inaccessible for very small businesses or freelancers with minimal expense activity, who might pay a small monthly fee but lack a way to try the platform without committing.
- Currency conversion fees: Transactions made outside EUR/GBP incur a conversion fee of around 1.5%. For teams that frequently purchase from non-European suppliers or travel internationally, these fees can accumulate, adding a hidden cost that isn't obvious on the pricing page. Alternatives like Wise Business offer interbank-rate conversions for a lower markup.
- Relative complexity for small teams: While Pleo automates a lot, setting up approval flows and budgets requires time and configuration. For a three-person startup where expenses are rare and simple, the learning curve and ongoing management might be overkill, making it less 'plug-and-play' than advertised. Some users report that configuring categories and rules takes a few hours to get right.
- Support can be hit-or-miss: Pleo's support is primarily via in-app chat or email. While they have a comprehensive help center, response times can vary, and phone support is not offered. For urgent issues—like a blocked card during a business trip—the lack of immediate phone support can be frustrating.
🎯 Best for
European SMEs and mid-market companies that want to automate expense reporting, control employee card spending, and simplify accounting reconciliation.
🚫 Who should skip
Businesses that need a full corporate bank account with credit or lending capabilities, or small teams on a tight budget who can sync expenses manually.
📚 Learning curve
Moderate — the core card issuing and transaction tracking is intuitive, but setting up custom rules, integrations, and approval workflows requires some initial configuration and admin training.
🧑⚖️ Verdict
Pleo is an excellent spend management solution for growing and mid-sized companies in Europe that want to eliminate manual expense reporting and gain real-time control. If you're a small startup with less than 5 users and minimal spending, the per-user cost and lack of a free tier may give you pause
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseOpenbankPleo
Fee-Free Daily Banking in Spain95—
No maintenance fees, free Santander ATM withdrawals, and a solid mobile app make
Mobile-First Account Management92—
The Openbank app allows account management, card control, payments, and mobile w
Cash Withdrawals Across Santander ATMs90—
Access to Santander's extensive ATM network in Spain without withdrawal fees for
Secure Saving with Deposit Protection85—
Deposits are protected up to €100,000 under the Spanish EU-guaranteed scheme, ma
Paying with Mobile Wallets80—
Supports Apple Pay and Google Pay for quick, contactless payments, which is conv
Expense Management for Growing SaaS Companies—95
Pleo automates receipt capture, enforces spending policies, and syncs with accou
Remote Team Purchasing & Procurement—90
Virtual cards can be issued instantly to remote employees or for specific subscr
Project-Based Budget Tracking—78
Pleo allows spending limits and custom categories, but project-level reporting i
🧭 Which One Should You Pick?
Choose Openbank if...
- You are: Spanish residents who want a reliable, fee-free digital bank backed by a major banking group and who are comfortable ban
- 👍 Completely free current account with no monthly maintenance fees and no debit card fees.
- 👍 Backed by Santander Group, providing financial stability and access to Spain's largest ATM network.
- 👍 Deposits are protected up to €100,000 by the Spanish Deposit Guarantee Fund.
- 💰 Free tier available
- ⚠ Trade-off: Requires Spanish tax residency and a NIE, so it's not open to tourists or non-re
Choose Pleo if...
- You are: European SMEs and mid-market companies that want to automate expense reporting, control employee card spending, and simp
- 👍 Real-time spend visibility with instant notifications on every transaction, helping finance teams ca
- 👍 Automatic receipt capture via OCR—most receipts are matched to transactions without manual effort, s
- 👍 Seamless integration with popular accounting tools like Xero, QuickBooks, and Sage, making reconcili
- 💰 From $5/mo
- ⚠ Trade-off: Pleo is pricing per user per month, which can get expensive as your team grows—e
❓ Frequently Asked Questions
Is Openbank really free?
Yes, Openbank offers a standard current account with no maintenance fees and no card fees. However, some services like international wire transfers, foreign currency purchases, or non-Santander ATM withdrawals may incur charges.
Can I withdraw cash from ATMs for free?
Withdrawals at Santander ATMs in Spain are free. Using other banks' ATMs may involve surcharges, and Openbank may also charge an additional fee.
🔗 More Neobanks Comparisons
🔀 Explore Alternatives
📧 Save this comparison
We'll email you a link to this comparison. No spam.